Mutual Savings Bank (Noun)
Meaning
A state-chartered savings bank owned by its depositors and managed by a board of trustees.
Classification
Nouns denoting groupings of people or objects.
Examples
- The local community established a mutual savings bank to provide low-cost banking services to residents.
- Mutual savings banks are known for their commitment to serving the financial needs of their members and the community.
- Unlike commercial banks, a mutual savings bank is owned and controlled by its depositors, not outside investors.
- To ensure the sound management of the institution, a mutual savings bank typically has a board of trustees elected by its members.
- Many long-standing mutual savings banks have been successfully converted into stockholder-owned institutions, although this has raised some concerns.